Nordic Covered Bonds 2017 – 2018 Bonds 2017 Covered Nordic Nordic Covered Bonds 2017 – 2018 NORDEA BANK AB (publ) 2017 Marketing Material 09/2017 NORDEA BANK AB (publ) 2017 Nordic Covered Bonds 2017-2018 Table of contents INTRODUCTION ...................................................................................................................................................................................... 7 ISSUER PROFILES DENMARK .........................................................................................................................................................9 BRFKREDIT ............................................................................................................................................................................................. 10 DANMARKS SKIBSKREDIT .............................................................................................................................................................13 DANSKE BANK ...................................................................................................................................................................................... 16 DLRKREDIT ............................................................................................................................................................................................. 19 NORDEA KREDIT ................................................................................................................................................................................. 22 NYKREDIT REALKREDIT ................................................................................................................................................................. 25 REALKREDIT DANMARK ................................................................................................................................................................ 28 ISSUER PROFILES FINLAND ..........................................................................................................................................................31 AKTIABANK ............................................................................................................................................................................................ 32 BANK OF ÅLAND PLC ....................................................................................................................................................................... 35 DANSKE BANK PLC ............................................................................................................................................................................ 38 NORDEA MORTGAGE BANK PLC .............................................................................................................................................. 41 OP MORTGAGE BANK ...................................................................................................................................................................... 44 SP MORTGAGE BANK ....................................................................................................................................................................... 47 THE MORTGAGE SOCIETY OF FINLAND ............................................................................................................................... 50 ISSUER PROFILES NORWAY ........................................................................................................................................................ 53 DNB BOLIGKREDITT .......................................................................................................................................................................... 54 EIKA BOLIGKREDITT ......................................................................................................................................................................... 57 MØREBOLIGKREDITT AS ................................................................................................................................................................ 60 NORDEA EIENDOMSKREDITT ..................................................................................................................................................... 63 SPAREBANK 1 BOLIGKREDITT .................................................................................................................................................... 66 SPAREBANKEN SØR BOLIGKREDITT ...................................................................................................................................... 69 SPAREBANKEN VEST BOLIGKREDITT ................................................................................................................................... 72 SR-BOLIGKREDITT A/S .................................................................................................................................................................... 75 ISSUER PROFILES SWEDEN ......................................................................................................................................................... 78 DANSKE HYPOTEK ............................................................................................................................................................................. 79 LANDSHYPOTEK BANK ................................................................................................................................................................... 82 LÄNSFÖRSÄKRINGAR HYPOTEK .............................................................................................................................................. 85 NORDEA HYPOTEK ............................................................................................................................................................................88 NORDEA MARKETS | 4 SWEDISH COVERED BOND CORPORATION ....................................................................................................................... 91 SKANDINAVISKA ENSKILDA BANKEN AB ........................................................................................................................... 94 STADSHYPOTEK .................................................................................................................................................................................. 97 SWEDBANK MORTGAGE ..............................................................................................................................................................100 LEGAL FRAMEWORK ...................................................................................................................................................................... 103 DENMARK ............................................................................................................................................................................................. 103 FINLAND ................................................................................................................................................................................................. 105 NORWAY ................................................................................................................................................................................................ 107 SWEDEN .................................................................................................................................................................................................109 THE COVERED BOND MARKET ................................................................................................................................................. 111 DENMARK .............................................................................................................................................................................................. 111 FINLAND ................................................................................................................................................................................................. 116 NORWAY ................................................................................................................................................................................................ 119 SWEDEN ................................................................................................................................................................................................. 122 MACROECONOMIC CONDITIONS............................................................................................................................................ 125 DENMARK ............................................................................................................................................................................................. 125 FINLAND ................................................................................................................................................................................................. 127 NORWAY ................................................................................................................................................................................................ 129 SWEDEN ..................................................................................................................................................................................................131